The Philippine gaming industry achieved a new milestone in 2023. It earned a record-breaking revenue that exceeded pre-pandemic numbers and predictions for the previous year.
The Philippines’ gaming regulator, Pagcor, said that gross gaming revenue (GGR) for 2023 was P285.27 billion. According to pay per head reports, it increased 33.1% from P214.33 billion the previous year.
Before the pandemic closed casinos and dropped the GGR of the local gaming sector to a record low of P98.79 billion in 2020, the 2023 haul surpassed the prior high of P256.49 billion set in 2019. Meanwhile, Pagcor’s revised revenue projection for 2023 was P272.74 billion, utterly crushed by last year’s GGR.
According to Pagcor Chairman and CEO Alejandro Tengco, the local gaming sector is expected to generate more significant revenues in 2024. This is mainly due to the projected launch of new integrated resorts this year, contributing to last year’s record-breaking GGR. This year, Pagcor aims to achieve a GGR of P336.38 billion.
The Philippine Gaming Industry Revenue Record
“The Philippines’ gaming sector has fully recovered and is now set for continuous development in the medium- to long-term,” Tengco stated, adding that its 2023 results exceeded even their most optimistic forecasts.
Integrated resorts, the usual big guns in terms of yearly industry income, recorded a GGR of P207.48 billion in 2023, according to the data from the gaming authority.
The second-largest portion of the industry’s income pie went to electronic games at P58.16 billion. In third place are Pagcor-operated casinos under the “Casino Filipino” brand at P19.62 billion.
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